NEVs to Account for 50% of the Global Market by 2035
The global automotive industry's major stakeholders once again gathered in Hainan, China, on September 29, 2020, to discuss the evolution and revolution of the automotive industry and its development. The participants reaffirmed the goal of the Boao Declaration, aiming for NEVs to account for 50% of the global market by 2035 and reached some critical consensus on accelerating the market-oriented development of NEVs.
Facing various challenges such as economic downturn and the COVID-19 pandemic, the global automotive market is in a period of profound adjustment. With the healthy promotion by governments and the industry's continuous endeavors, NEVs have shown a positive trend of growth against downward pressure and become a vital force in stabilizing the automotive market and accelerating the restructuring of the industry.
The overall development of global NEVs has passed the incubation period and entered the growth stage, but there is still a certain distance to go before fully realizing commercialization; therefore, policy support will continue to play an essential role in the next 5-10 years.
Enterprises are the foundation of the market-oriented development of NEVs. The industry should increase R&D investment in critical technologies, strengthen cooperation with universities and research institutions.
The converged development of electrification, intelligence and shared mobility has accelerated the automotive value chain's integration and expansion.
For the sustainable development of the economy and society, there is an urgent requirement for the automotive industry to transform and upgrade.